Iranian exports of crude oil fell sharply in April, and could be down by as much as 1 million barrels a day, as many countries seek to reduce their imports of Iranian oil ahead of sanctions set to come into full effect later this summer, the International Energy Agency (IEA) said in a report released earlier this month.
President Barack Obama has until June 28 to decide whether countries that purchase Iranian oil have significantly reduced their purchases, or face a cutoff in access to the U.S. financial system under legislation signed in December. Read More